The global nanofiber market is expected to post a CAGR of more than 28% during the period 2019-2023, according to the latest market research report by Technavio.
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Nanofibers have several potential applications in renewable energy and the manufacture of sustainable products. Owing to their high-power capabilities and great kinetic properties, nanofibers are extensively used in the manufacture of lithium-ion batteries. Furthermore, they are also widely used in the production of several sustainable and eco-friendly products. For instance, cellulose nanofibers are added in paper pulp to create a paper that can be recycled over twice as much as regular paper. Such applications of nanofibers in renewable energy and the manufacture of sustainable products will drive demand during the forecast period.
As per Technavio, the growing demand for biosensors will have a positive impact on the market and contribute to its growth significantly over the forecast period. This global nanofiber market 2019-2023 research report also analyzes other significant trends and market drivers that will affect market growth over 2019-2023.
Global nanofiber market: Growing demand for biosensors
The need for biosensors that are used for the detection of analytes is growing at a significant rate. These sensors combine a physiochemical detector component and a biological component that converts the biological response into an electrical signal. The surface area and porosity of the detection components are critical to high sensitivity and fast response of sensors. Thin films made of nanofibers are ideal for use in biosensors, as they have a larger surface area when compared with other continuous films. Carbon nanotubes and carbon nanofibers are ideal materials for biosensor applications owing to their good conductivity, biocompatibility, and large surface areas. This will also lead to the growth of the global nanofiber market.
“Apart from the growing demand for biosensors, other factors such as new product developments and increasing use of nanofibers in air and liquid filtration systems will significantly impact the growth of the nanofibers market size during the forecast period,” says a senior analyst at Technavio.
Global nanofiber market: Segmentation analysis
This market research report segments the global nanofiber market by product (polymer, carbon, glass, ceramic, and others), application (air and liquid filtration, energy, electronics, medical, and others), and geographic regions (APAC, Europe, MEA, North America, and South America).
The APAC region led the market in 2018, followed by North America, Europe, South America, and MEA, respectively. The nanofiber market growth in APAC can be attributed to the concerns over the increase in air and water pollution in developing countries such as China and India. Also, rising investments in countries such as Japan, China, and India are also expected to drive the nanofiber market during the forecast period.
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Five Forces Analysis
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- Vendors covered
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